Unemployment Exclusion: Note for Some

Forum|Forum|5 years ago
March 16, 2021
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A few of us [prescient ones] withdrew a large chunk of our tax-deferred accounts in 2020 to avoid the pending tax increases. While I did not earn even close to $150k last year, my AGI stands at $151k as a result. As a 2020 Census Employee I was eligible for UIC/PUA and received some while we waited for the DOC to get a green light. Knowing this, and the law, I will be making adjustments [IRA deposits] to get my AGI back below $150k in order to take advantage of this new exemption.

Regardless the timing of the process and/or forms, anyone with AGI close to $150k needs to examine their return for ways to reduce their AGI: An amended return cannot amend your IRA exclusion.

Not A Product Question

xmasbaby0

Level 15

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#U1393859

You are among millions who have now been affected by a mid-tax season change in the tax law. Patience will be necessary.

TurboTax will update the software for the unemployment but there is no timeline yet.

If you have not e-filed yet—-wait. And if you already e-filed and want to amend for this—WAIT.

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve-already-filed-my-taxes/00/2081053

Please read this very recent news from the IRS:

https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**